Grieg Seafood’s results were slightly below expectations. We have lowered our 2021 estimates in this update on the back of higher cost and lower price assumptions for H1/21. The company will on our estimates be in breach of its NIBD/EBITDA covenant until Q4/21 and a potential Shetland divestment would be supportive. The discount to peers is still warranted as signs of improved operations are needed to lift valuation. We stick to Hold and our NOK 85 TP.
